Oak Street Health Completes IPO

Paul, Weiss advised General Atlantic and Newlight Partners in the initial public offering of their portfolio company Oak Street Health, a fast-growing network of primary care centers for adults on Medicare. Oak Street, which offered 17.9 million shares at $21 per share, above the high end of its upwardly revised range of $19 to $20, began trading shares on the New York Stock Exchange under the symbol “OSH” on August 6 and closed on August 10. The company raised approximately $377 million in a deal that valued the company at upwards of $5 billion, or nearly 10 times its 2019 revenue of $556.6 million.

General Atlantic holds a 32.5% stake in the company following the IPO. J.P. Morgan, Goldman Sachs & Co. LLC, Morgan Stanley, William Blair and Piper Sandler acted as joint bookrunning managers for the offering. Baird and Truist Securities, formerly known as SunTrust Robinson Humphrey, acted as co-managers for the offering.

The Paul, Weiss team included, among others, corporate partners Matthew Abbott, Christopher Cummings, Ellen Ching and Conrad van Loggerenberg and counsel Philip Heimowitz; and tax partners Patrick Karsnitz and Lindsay Parks.